Wamda Announces Commitment to Follow On Funding for Oasis500 Startups

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Through the Wamda Fund (yes there is a fund and more on that will follow soon) Wamda will commit to providing follow-on funding for a number of Oasis500 incubated startups.

Wamda will also run joint activities with Oasis500 to provide startups with the exposure and expertise they need to expand into regional and international markets. Additionaly Wamda will partner to create training boot camps, mentorship, and investment events in Jordan and the region.

The partnership was signed on the sidelines of the World Economic Forum “Special Meeting on Economic Growth and Job Creation in the Arab World.”

Wamda's CEO, Habib Haddad, co-chair of this year’s WEF Special Meeting in Jordan, said, “The approaches that Wamda and Oasis500 take are synergistic. Not only do we invest financial capital, but importantly, we also invest the necessary intellectual and human capital to take startups to the next level.”

Since the launch of Oasis500 last year, 22% of the entrepreneurs who made it through their bootcamp training program have qualified for seed investment, and 25% have been awarded further funding through the Oasis500 Angel Network or venture capital firms.

Usama Fayyad, Former Executive VP of Yahoo! Inc., and Executive Chairman of Oasis500, noted as he slapped hands with Habib, “We are excited about this strategic partnership. Wamda’s commitment to invest in follow-up funding to our startups is a great vote of confidence and a huge benefit to our portfolio companies."